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2016 (12) TMI 373 - MADRAS HIGH COURT

2016 (12) TMI 373 - MADRAS HIGH COURT - TMI - Priority of Charge - mortgage of property - whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the 'Priority of Charge' over the mortgaged property in question, with regard to the tax and other dues? - Held that:- Considering the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, Section 41 of the same seeking to introdu .....

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having now come into force, naturally it would govern the rights of the parties in respect of even a lis pending.The aforesaid would, thus, answer question (a) in favour of the financial institution, which is a secured creditor having the benefit of the mortgaged property. - Status and the rights of a third party purchaser of the mortgaged property - Held that:- The same is stated to relate only to auction sales, which may be carried out in pursuance to the rights exercised by the secured cr .....

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ai For the Respondents : Mr. F. B. Benjamin George ORDER ( Order of the Court was made by The Hon'ble Chief Justice ) The writ petitions have been listed before the Full Bench in pursuance to the reference order in W.P.No.6267 of 2006 and W.P.No.253 of 2011, in respect of the following issues:- ''a) As to whether the Financial Institution, which is a secured creditor, or the department of the government concerned, would have the 'Priority of Charge' over the mortgaged propert .....

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anding anything contained in any other law for the time being in force, the rights of secured creditors to realise secured debts due and payable to them by sale of assets over which security interest is created, shall have priority and shall be paid in priority over all other debts and Government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or local authority. Explanation. - For the purposes of this section, it is hereby clarified that on or af .....

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